Muss Development Scores $52M Refi on Flushing Offices
Cushman & Wakefield served as the exclusive advisor to affiliates of Muss Development, LLC in arranging a $52-million refinancing of Flushing Plaza in Queens. The 10-year fixed-rate financing was provided by affiliates of Bank of America.
The Muss family and its partner have owned and operated the property for more than 35 years. The asset comprises 233,436 square feet of long-term leased office space including 71,930 square feet of medical office space, 10,653 square feet of prime retail space and an 808-space parking garage.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Gideon Gil and Alex Lapidus represented the borrower.
“Lenders recognized the strategic location of Flushing Plaza for office and medical tenant users,” said Gil. “The low leverage request, sponsorship’s long-term commitment to this asset, transportation access and high-quality rent roll made this a compelling financing.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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